Characterization and flotation studies were carried out on a slime sample from a low grade iron ore belongs to Gua mines of SAIL with a view to develop flotation based process for its up gradation to pellet grade concentrate. From the mineral characterization studies, it was observed that hematite, goethite and martite were iron bearing phases while kaolinite and quartz were its major gangue. The iron ore slimes assayed 52.55% Fe with 10.8 % SiO2 and 9.3% Al2O3. The sample deslimed prior to flotation using hydrocylone to remove the ultrafine particles. Detailed flotation studies were undertaken under varying reagent types and process parameters. Basically three different flotation schemes involving direct and reverse flotation were studied. The studies showed that it is possible to obtain a product containing 65.22 % Fe with 2.1% SiO2 and 2.0 % Al2O3 with a iron recovery of 85.5 %.